Maplebear (NASDAQ:CART) Coverage Initiated by Analysts at Jefferies Financial Group

Jefferies Financial Group initiated coverage on shares of Maplebear (NASDAQ:CART) in a research note released on Wednesday morning, MarketBeat Ratings reports. The brokerage issued a hold rating and a $43.00 target price on the stock.

A number of other equities analysts have also recently weighed in on the company. Raymond James assumed coverage on Maplebear in a report on Tuesday, September 24th. They set a “market perform” rating on the stock. BMO Capital Markets upped their price objective on shares of Maplebear from $36.00 to $39.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. Bank of America raised their target price on Maplebear from $41.00 to $45.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 24th. Wedbush lifted their price target on shares of Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $45.00 price objective on shares of Maplebear in a research report on Monday, October 7th. Twelve investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Maplebear has a consensus rating of “Moderate Buy” and an average price target of $43.10.

Maplebear Stock Down 2.3 %

Shares of NASDAQ CART opened at $41.99 on Wednesday. The stock’s 50-day simple moving average is $37.40 and its two-hundred day simple moving average is $35.35. Maplebear has a twelve month low of $22.13 and a twelve month high of $45.01. The firm has a market capitalization of $11.11 billion and a P/E ratio of -2.12.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The business had revenue of $823.00 million for the quarter, compared to the consensus estimate of $806.35 million. Maplebear’s quarterly revenue was up 14.9% compared to the same quarter last year. As a group, research analysts anticipate that Maplebear will post 1.14 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Alan Ramsay sold 2,626 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $35.02, for a total transaction of $91,962.52. Following the transaction, the chief accounting officer now directly owns 107,910 shares of the company’s stock, valued at $3,779,008.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Maplebear news, General Counsel Morgan Fong sold 9,506 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $35.02, for a total value of $332,900.12. Following the transaction, the general counsel now directly owns 372,335 shares of the company’s stock, valued at approximately $13,039,171.70. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Alan Ramsay sold 2,626 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $35.02, for a total transaction of $91,962.52. Following the sale, the chief accounting officer now directly owns 107,910 shares of the company’s stock, valued at $3,779,008.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,955 shares of company stock worth $2,480,317 in the last three months. Insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

A number of institutional investors and hedge funds have recently made changes to their positions in CART. Sculptor Capital LP bought a new position in Maplebear in the second quarter worth approximately $77,361,000. Federated Hermes Inc. increased its stake in shares of Maplebear by 102.2% in the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock worth $55,739,000 after purchasing an additional 876,439 shares in the last quarter. SG Americas Securities LLC bought a new position in Maplebear in the 1st quarter worth $31,109,000. Lord Abbett & CO. LLC purchased a new stake in Maplebear in the 1st quarter worth $28,674,000. Finally, Renaissance Technologies LLC purchased a new stake in Maplebear in the 2nd quarter worth $22,816,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

About Maplebear

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.